USC interested in exchanging Finnish shipyard for 100% stake in Nevsky Shipyard

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MOSCOW, October 31. /TASS/. Russia’s United Shipbuilding Corporation (USC) is interested in a 100% stake in Nevsky Shipyard if the decision is made to swap 100% in the Finnish Arctech Helsinki Shipyard for shares in Nevsky Shipyard, USC President Alexei Rakhmanov told reporters.

“Considering the volume we see in refurbishment and upgrade of the river-sea fleet – yes, certainly,” Rakhmanov said responding to a question whether USC is interested in the swap. “We will make a swap, bearing 100% of Nevsky Shipyard in mind, if this decision is finally taken,” he said. The deal will also provide for a money component, Rakhmanov said.

USC can make a final decision regarding the Finnish shipyard buyer by the end of November, he added.

The Russian company is discussing three options of the deal: completion of talks with Kermas investment company, sale to a Russian businessman or to Norwegian companies, Rakhmanov told TASS in an interview in September. One of USC conditions is to retain access to intellectual property. USC expects to complete the sale and purchase transaction for up to 100% in the Finnish shipyard by the end of the year, the top manager said.

The Finnish Yle TV reported in January 2018 citing its sources that the Finland-based Kermas can become the new owner of the controlling stake in the Arctech Helsinki Shipyard. The potential new owner has an experience in shipbuilding business, particularly in Croatia, according to Yle.

The USC purchased the shipyard at the turn of 2014. Arctech specializes in building multifunctional icebreaking class vessels, including for oil and gas production servicing in the Russian offshore areas.

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